Hybrid cryptocurrency trading platform GRVT completed a strategic round of financing of US$2.2 million and launched its first round of closed beta testing

March 19, 2024 - Hybrid cryptocurrency trading platform GRVT announced the completion of a $2.2 million strategic round of financing, bringing its total funding to more than $9 million. The funding was supported by growing interest from institutional and retail investors, with participation from market makers such as Selini Capital, Pulsar Trading and Ampersan. They join a group of investors including industry-leading partners such as Delphi Ventures, Matrix Partners and ABCDE Capital, strengthening GRVT’s position in the cryptocurrency market. In addition, GRVT has successfully attracted more than 10 institutional market makers to provide services for its options and perpetual contract products, demonstrating GRVT’s growing influence and appeal in the cryptocurrency trading field. At the same time, GRVT announced the opening of the first round of closed internal testing.

Driving innovation in cryptocurrency trading

As a pioneering self-custodial centralized exchange Platform, GRVT is invested by Matter Labs, the developer of zkSync. GRVT is the first official application chain on its ecosystem and has already attracted significant interest from the crypto market ahead of its open beta release. More than 2 million users have signed up for GRVT’s waiting list. In addition, the first phase of the platform’s reward activity, the zkSync blind box, has also attracted a large number of users’ interest in participating.

As global retail and institutional investors’ interest in and demand for crypto derivatives continues to grow, traders continue to encounter execution and trading platform risks related to Security challenges. These concerns include everything from scams and phishing attacks to regulatory issues.

Hong Yea, co-founder and CEO of GRVT, said, "Previous cryptocurrency crises have demonstrated the potential for trust-based centralized trading platform models to bring come significant risks. GRVT's goal is to use blockchain technology and decentralized features for transaction settlement to solve counterparty risk issues while maintaining the reliability and throughput of the CeFi trading platform. We believe that the hybrid concept is a safer way to build The way forward for trading platforms, and as the crypto market matures, it will further promote the application of blockchain technology."

GRVT Platform Features

GRVT aims to be among the first companies to offer an institutional-grade hybrid trading platform model. The platform will provide a central limit order book for perpetual contracts and options trading, and will also launch request for quote (RFQ) and spot trading later this year. It also offers margin models including portfolio and straddle margin. Oracle price updates are 100 milliseconds for perpetual contracts and 500 milliseconds for options.

By separating trading and custody functions, GRVT enables users to fully custody their assets. This will be achieved through a combination of off-chain order matching and on-chain settlement, boasting speeds of 600,000 transactions per second (TPS) and single-digit millisecond latency. For institutional investors, the platform offers co-location services to execute faster trades and handle larger orders.

To effectively eliminate counterparty risk, GRVT utilizes smart contracts while maintaining the same registration process, liquidity and trading efficiency on CEX. The platform also integrates zero-knowledge proofs and Validium technology to ensure low latency, gasless transactions and on-chain privacy. User transaction and margin details are forever leaked.

"As a global digital asset trading company and market maker, QCP is excited to support GRVT in building a new cryptocurrency trading platform model that integrates The efficiency of CeFi and the security of DeFi. We believe GRVT’s focus on self-custody and on-chain settlement will significantly improve the user experience by providing enhanced security and reliability,” Darius Sit, founder and chief investment officer of QCP express.

User Security and Protection Services

To enhance security, GRVT’s multi-layer security architecture Integrates powerful controls from Web2 and Web3. It includes features such as password login, 2FA authentication, wallet registration, private keys, and whitelisted wallets.

Unlike many centralized and decentralized exchange platforms, GRVT differentiates itself by implementing strict customer screening protocols, including KYC and AML procedures. It works closely with auditing and penetration testing partners such as Spearbit DAO and NCC Group. The company is currently applying for a license in Bermuda and plans to obtain licenses in the Middle East and Europe.

GRVT’s Beta Test Network

GRVT’s first round of internal testing will be in March 2024 Officially launched on September 19, this internal test will give priority to inviting institutional users to participate in the test, and then gradually open it to individual partners and community users. The official mainnet is expected to be launched in the second half of the year.

To register for GRVT waitlist and for more information on the platform, please visit Official website.

About GRVT

Founded in 2022 and headquartered in Singapore, GRVT is the first self-hosted hybrid cryptocurrency trading platform. Invested by zkSync developer Matter Labs, GRVT is the first official super app chain built on the Zksync ecosystem. GRVT aims to eliminate counterparty risk by combining traditional trading infrastructure with blockchain smart contract settlement, using zero-knowledge proofs and Validium technology. The platform blends off-chain order matching and on-chain settlement, achieving speeds of 600,000 transactions per second and single-digit millisecond latency. GRVT will first launch perpetual contracts and options for central limit book trading, with plans to launch request for quote (RFQ) and spot trading in the future.